Ormat acquires $1.7 million 8¼% notes due 2020

By Susanna Moon

Chicago, March 2 - Ormat Technologies Inc. acquired $1.7 million principal amount of its subsidiary Ormat Funding Corp.'s 8¼% senior secured notes due Dec. 30, 2020, according to a 10-K filing with the Securities and Exchange Commission.

The company purchased the notes from a noteholder in November and recognized an immaterial gain.

Ormat Funding issued $190 million of the notes on Feb. 13, 2004 in a Rule 144A offering.

As of Dec. 31, $155.3 million of the notes was outstanding.

Ormat is a Reno, Nev.-based vertically integrated company primarily engaged in the geothermal and recovered energy power business.

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